How Nigerian Coastal Communities Can Rake in N320mn Yearly on Carbon Credits – Tantita
Nigerian maritime security outfit, Tantita Security Services, has suggested the adoption of carbon credit schemes which could rake in over N320million for coastal communities yearly.
The Executive Director, Operations, Tantita Security, Capt. Warredi Enisuoh, made this recommendation while delivering the Guest Lecture at the African Marine Environment Sustainability Initiative (AFMESI) 4th Annual Symposium and Workshop, in Lagos, on Tuesday.
In his presentation, titled: “Achieving Blue Growth In A Changing Climate – Integrating the Coastal Communities”, Capt. Warredi disclosed that Tantita Security realized the importance carbon credits in a bid to provide solutions to the gross pollution in the Niger-Delta region.
He equally noted that one mature tree can absorb 80kg of CO₂ from the atmosphere in a year and noted that several developed countries have adopted the carbon credit initiative to preserve their environment.
“If we allocate 50,000 trees per coastal community. One carbon credit is equivalent to one ton of carbon dioxide which is valued at $50. CO₂ absorption per year = 80kg x 50,000 Trees = 4,000,000kg. Earning 4,000,000kg x $50/1,000 – $200,000/уear. $200,000 x 1,600 – N320,000,000 annually,” Warredi explained.
He, however, lamented that despite the recent signing of the Climate Change Act by Nigeria, the federal government is still investing in the acquisition of diesel-powered trains.
While pointing out that Nigerian Ports Authority (NPA) can exchange carbon offset for funds that can be channeled into port automation, Warredi admonished maritime operators to approach the innovative concept with a sincere concern about the environment and not pecuniary interest.
The Minister of Marine and Blue Economy, Hon. Adegboyega Oyetola, declared the workshop open and encouraged the participants to share viable suggestions to addressing the numerous challenges in the blue economy.
Oyetola, who was represented by Prof. Stephen Fakinlede, reiterated the Ministry’s commitment to safety and sustainable blue economy.
Earlier, the President of AFMESI, Dr. (Mrs.) Felicia Mogo, maintained that the initiative is focused on establishing innovative financing mechanisms that support blue economy projects across Africa.
“We aim to attract investment in sustainable ocean industries, from eco-friendly aquaculture to renewable marine energy, and to ensure that these investments benefit the communities most in need.
We will work with financial institutions, government agencies, private organizations, among others to achieve this goal.”
“Over the years, AFMESI has championed numerous projects and initiatives in Nigeria, and across Africa, aimed at protecting our marine ecosystems, empowering coastal communities, and advancing policy frameworks that support sustainable marine practices,” she remarked.
The event was graced by several eminent Nigerian maritime bigwigs including the Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji; Secretary General of the Memorandum of Understanding on Port State Control for West and Central African Region (Abuja MoU), Capt. Sunday Umoren; Managing Director of Lagos Free Zone (LFZ), Barr. (Mrs.) Adesuwa Ladoja; President, Ocean Ambassadors Foundation (OAF), Hon. Olaitan Williams; among others.
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